Former Standard Chartered Chief Executive Richard Etemesi [Photo/Daily Nation]
Former Chief executive Richard Etemesi has been selected to the Standard Chartered Kenya board .
According to a statement released by the lender, Etemesi who previously served as the bank's CEO and manager or East Africa, will replace Angarai Dorairajan who recently resigned from the position.
“StanChart Kenya is pleased to announce the appointment of Mr Etemesi as a non-executive director of the company. The appointment is effective October 9,” the lender said in a notice.
Dorairajan served as the head of commercial banking business across 16 markets in Africa and Middle East and has also been non-executive director for the company since January 2016.
“He resigns as a non-executive director due to business exigencies and to concentrate more on his group role,” StanChart Kenya said.
Etemesi's appointment comes at a time when StanChart Kenya has been reporting lower revenues as a result of the enactment of interest rate capping laws a year ago.